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The 966 Episode 117: Saudis are optimistic, but what does 2024 have in store for Saudi Arabia and the Middle East?
The 966 hosts kick off the new year after a refreshing holiday break following a successful year for the podcast in which the growth of the audience more than doubled across all platforms, and in some cases, grew significantly more than that! The team thanks all of its listeners and viewers for tuning in each […]
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Will Oil Reach $100?
In June, Bank of America forecasted that oil may reach $100 by sometime in 2022 on surging demand and a rebounding global economy. At the time, the Charlotte, NC-based bank was the most bullish of the major forecasters for a return to triple digits by 2022.
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For the Third Time in 9 Months, IMF Raises Saudi Growth Forecast
The International Monetary Fund on Monday raised its growth forecast for the Saudi Arabian economy on the back of higher oil prices. In the organization’s World Economic Outlook update, the IMF said the Saudi economy — which contracted by 0.9 percent last year — would grow by 1.9 percent in 2018, up 0.2 percentage points […]
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Jadwa Investment Raises Projected Economic Growth in Saudi Arabia to 2.2% in 2018
Saudi Arabia’s economy is forecast to grow faster this year following a significant improvement in the global oil market, according to a recently released report by Riyadh-based Jadwa Investment. Jadwa Investment raised its forecasts for the Saudi Arabian economy’s growth in 2018 to 2.2%, compared with previous estimates for a growth rate of 1.5%. Jadwa expects Saudi production […]
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OPEC Discipline Partly to Blame for Oversupply, but Saudi Leadership May Boost Prices
Jadwa Investment’s recently released quarterly oil market update for Q2 2017 questions if discipline within OPEC is waning as oil’s price continues to stay low on international indices as high supply persists, but recent moves by Saudi Arabia in Russia this week indicate action is forthcoming to curb supply. Oil prices declined by 8 percent […]
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Trump Turns Up Rhetoric, Threats Toward Iran
The Trump administration says it is putting Iran “on notice” following two incidents in the region in the past week, including an attack on a Saudi navy ship by Iran-backed Houthi rebels. The comments came from President Trump on Twitter as he blasted the agreement to disarm Iran’s nuclear program. “Iran was on its last legs […]
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Saudi, Russia Energy Ministers to Meet in Doha as Output Cut Deadline Looms
Saudi Arabia and Russia energy ministers will meet in Doha, Qatar this week on the sidelines of Gas Exporting Countries Forum (GECF), industry sources quoted by the Wall Street Journal said. The meeting comes as OPEC and non-OPEC members try to solidify an oil output limiting deal agreed to in September. OPEC is hoping to complete […]
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Deputy Crown Prince Mohammed bin Salman Meets with President Obama, Receives Praise for “Vision 2030”
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman met with President Obama on Friday at the White House to discuss regional and economic issues with the President, Vice President and other members of Obama’s cabinet. The President “commended” Prince Mohammed’s “Vision 2030” plans to reform Saudi Arabia’s economy and society, according to a readout. “The […]
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State Department Readout of Secretary Kerry’s Dinner with Deputy Crown Prince Mohammed bin Salman
Secretary Kerry hosted Deputy Crown Prince Mohammed bin Salman on June 13 for an iftar dinner in recognition of the Deputy Crown Prince’s visit to the United States. “The two reviewed the strong and enduring relationship between the United States and Saudi Arabia and discussed a broad range of regional issues, including Yemen, Syria, Libya, […]
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Secretary Kerry Meets with Saudi Leaders in Jeddah Ahead of Crucial Syria Talks
Secretary of State John Kerry travelled to Jeddah, Saudi Arabia to meet with Saudi Arabia’s King Salman and other Saudi officials ahead of critical talks on Syria, according to reports. The Secretary, who also met with Crown Prince Mohammed bin Naif and Foreign Minister Adel Al-Jubeir, “discussed a range of regional issues – Yemen, Libya, […]
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UN envoy says Libya will slide into `disintegration’ if politicians don’t move toward elections
The U.N. special envoy for Libya warned the country’s feuding political actors Thursday that if they don’t urgently form a unified government and move toward elections the oil-rich North African nation will slide into “disintegration.” Abdoulaye Bathily told the U.N. Security Council there are numerous alarming signs of such a slide and urged all political leaders to put aside “their self-interests” and come together to negotiate and reach a compromise “to restore the dignity of their motherland.”
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Libya says production has resumed at its largest oilfield after more than 2-week hiatus
Libya’s state-owned oil company resumed production at the country’s largest oilfield Sunday, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages.
The National Oil Corp. said in a terse statement that it lifted the force majeure at the Sharara oil field in the country’s south and resumed full production. It didn’t provide further details. Force majeure is a legal maneuver that releases a company from its contractual obligations because of extraordinary circumstances.
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In Libya, fears of rain, clouds, and climate change
Three months after thousands of people in Libya lost their lives in devastating floods caused by Storm Daniel, residents of the badly-hit city of Derna are facing the psychological aftermath. Doctors and psychologists with Doctors Without Borders/Médecins Sans Frontières (MSF) have been providing medical care and mental health support for people impacted.
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Libya’s NOC targets near zero gas flaring by 2030, says chairman
Libya's National Oil Corporation (NOC) expects to achieve close to zero gas flaring by 2030, Chairman Farhat Bengdara said in a press conference at the COP28 summit on Tuesday. Bengdara added that NOC is aiming for an 83% reduction in gas flaring by 2030.
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Libya dismantles illegal gold mining network
An illegal gold mining network, comprised of Chinese, Chadian, and Nigerien nationals, has been dismantled in southern Libya, local authorities have said in a statement. The network, led by a Libyan man, was mining four large sites in the southern desert, said the Tripoli attorney general, which posted photos of the mines and seized gold ingots on its Facebook page on Sunday.
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What Caused the High Death Toll From Libya’s Floods?
More than 5,000 Libyans died in the flood and more than 10,000 remain missing, according to the United Nations. So many people ended up dragged by the torrent of mud — the populations of entire buildings, in some cases — that dead bodies continued washing ashore days later. Political instability, a decade of civil war, crumbling infrastructure, and weak emergency systems all played a role in the tragedy that unfolded in the eastern region of Jabal al Akhdar. Add climate change to the mix, and the result is the deadliest and costliest storm ever recorded in the Mediterranean region.
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Journalists ordered out of flood-hit Libyan city after protests
Thousands of people were confirmed killed and thousands more are still missing from the Sept. 10 flood, when dams burst above Derna in a storm, unleashing a torrent of water that swept away the centre of the city. On Monday demonstrators crowded into the square in front of Derna's landmark gold-domed Sahaba mosque chanting slogans. Some waved flags from atop the mosque's roof. Later in the evening, they torched the house of Mayor Abdulmenam al-Ghaithi, his office manager told Reuters.
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Relief Efforts in Libya Turn to Disease Prevention, as Hopes for Finding Survivors Dim
Nearly a week after a powerful storm caused catastrophic flooding in northeastern Libya, rescue groups assessing the damage left behind after two dams collapsed in the city of Derna — washing entire neighborhoods out to sea — said that the death toll was still being assessed amid diminishing hopes for finding survivors. “There are still bodies in the water,” said Salem Al Naas, a spokesman for the Libyan Red Crescent in Derna, adding in an interview that workers were still searching hundreds of buildings where families were feared to have died. People are being found alive — one person was pulled from the rubble yesterday, Mr. Al Naas said. “But the chance to find survivors is very low,” he said.
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Libya flood survivors pick through ruins in search of missing thousands
Survivors of a flood that swept away the centre of the Libyan city of Derna picked through the ruins on Thursday in search of loved ones from among thousands of dead and missing, while authorities feared an outbreak of disease from rotting bodies. A torrent unleashed by a powerful storm burst dams on Sunday night and hurtled down a seasonal riverbed that bisects the city, washing multi-storey buildings into the sea with sleeping families inside.
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Libya storm death toll expected to swell as sea washes bodies ashore
Bodies were washing ashore in eastern Libya on Wednesday, swelling the death toll from a storm that swept whole neighbourhoods out to sea, with thousands already confirmed dead and many thousands more still missing. Swathes of the Mediterranean city of Derna were obliterated by the flood torrent, unleashed after rains from a powerful storm burst dams above the city on Sunday night. Whole multi-storey buildings were swept away with sleeping families inside.
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